Investment Rating - The report maintains a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [10]. Core Insights - The company experienced a slight fluctuation in sales in February, with total vehicle sales of 21,329 units, reflecting a year-on-year decrease of 39.4% and a month-on-month decrease of 4.9%. The sales of new energy vehicles were 17,841 units, down 41.0% year-on-year and 0.4% month-on-month [3][4]. - The flagship SUV, the Wanjie M9, has achieved over 200,000 pre-orders in 12 months and has been the monthly sales champion in the luxury segment for nine consecutive months, indicating strong brand positioning [4]. - The launch of the 2025 models of Wanjie M9 and M8 is expected to further enhance market leadership, with pre-orders exceeding 30,000 and 58,000 units respectively within a week of opening [4]. Financial Forecast - The company is projected to achieve revenues of 146.7 billion, 191.9 billion, and 228.6 billion RMB for the years 2024, 2025, and 2026 respectively, with net profits expected to reach 5.8 billion, 10.5 billion, and 12.4 billion RMB in the same years [5][6]. - The earnings per share (EPS) is forecasted to improve from -1.63 RMB in 2023 to 6.97 RMB in 2025, and further to 8.23 RMB in 2026 [6][7]. - The return on equity (ROE) is expected to rise significantly, from -21.48% in 2023 to 42.00% in 2025, indicating a strong recovery and profitability trajectory [6][7].

公司研究 2025.03.13 华润三九（ 000999） 公司点评报告 | 推 荐 | | ( | 维 持 | | ) | | | --- | --- | --- | --- | --- | --- | --- | | 公 | 司 | | 信 | 息 | | | | 行业 | | | | | | 中药Ⅲ | | 最新收盘价(人民币/元) | | | | | | 41.2 | | 总市值(亿)(元) | | | | | | 529.13 | | 52 周最高/最低价(元) | | | | | | 65.10/36.41 | 历史表现 -12% -4% 4% 12% 20% 28% 24/3/13 24/6/12 24/9/11 24/12/11 华润三九 沪深300 数据来源：wind 方正证券研究所 相关研究 《华润三九(000999)：业绩符合预期，看好 CHC 业务持续稳健增长》2024.08.25 《华润三九(000999)：入主天士力补强中药产 业链，协同创新引领高质量发展》2024.08.05 业绩符合预期，看好 CHC 业务持续稳健增长 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 ...

公司研究 2025.03.13 万通液压（ 830839） 公司点评报告 油气弹簧持续高增，行星滚柱丝杠等新品发力新赛道 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 王玉 | 登记编号：S1220521010001 | | --- | --- | | 薛怀宁 | 登记编号：S1220524100008 | 推 荐 ( 维 持 ) | 公 | 司 | 信 | 息 | | | --- | --- | --- | --- | --- | | 行业 | | | | 工程机械器件 | | 最新收盘价(人民币/元) | | | | 30.05 | | 总市值(亿)(元) | | | | 35.82 | | 52 周最高/最低价(元) | | | | 30.05/8.69 | 历史表现 -24% 13% 50% 87% 124% 161% 24/3/13 24/6/12 24/9/11 24/12/11 万通液压 数据来源：wind 方正证券研究所 相关研究 《万通液压(830839)：前三季度归母净利润同 比+30.71%，油气弹簧及境外业务持续发力》 2024.10.30 事件：公司发布 2024 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [2][15]. Core Insights - The report highlights that Anjuke Foods is strategically expanding into the frozen baking sector and enhancing its supply chain collaboration through the acquisition of a 70% stake in Dingweitai for 444.5 million RMB. This acquisition aims to fill the high-end seafood gap, supplement the frozen baking segment, deepen B-end channel cooperation, and support international expansion [5][7]. Summary by Sections Company Overview - Anjuke Foods (603345) is positioned as a leading player in the frozen food industry, with a market capitalization of 23.141 billion RMB and a recent closing price of 78.9 RMB [2]. Historical Performance - The company's stock performance has shown fluctuations, with a historical decline of 23% over the past year compared to the CSI 300 index [3]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 155.91 billion RMB, 176.14 billion RMB, and 199.46 billion RMB, respectively, reflecting year-on-year growth rates of 11.01%, 12.98%, and 13.24% [7][10]. - Expected net profits for the same years are 14.97 billion RMB, 16.78 billion RMB, and 19.19 billion RMB, with growth rates of 1.29%, 12.07%, and 14.40% [7][10]. Strategic Initiatives - The acquisition of Dingweitai is seen as a pivotal move to enhance Anjuke's product offerings and market reach, particularly in high-end seafood and frozen baked goods, while also leveraging existing B-end customer relationships [5][6].

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The report highlights a revolution in sequencing technology empowered by AI, with domestic companies accelerating their AI business layout [5][6] - The domestic sequencing market is rapidly growing, with China becoming the second-largest gene testing market globally, surpassing 33.5 billion RMB in 2024 [31] - AI technology is significantly reducing costs and enhancing the efficiency and accuracy of sequencing processes, leading to advancements in personalized treatment and drug development [32] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry includes 645 listed companies with a total share capital of 5,825.23 million shares and sales revenue of 37,462.19 billion RMB [1] - The total profit for the industry is 3,382.22 billion RMB, with an average PE ratio of 42.37 [1] Market Performance - The pharmaceutical index increased by 1.06% during the week of March 3-7, 2025, underperforming the CSI 300 index, which rose by 1.39% [7][9] - The pharmaceutical industry index PE (TTM, excluding negative values) is 26.65 times, with a valuation premium of 121.81% compared to the CSI 300 index, indicating a historical low [9] AI Empowerment in Sequencing Technology - AI is optimizing sequencing processes and data analysis algorithms, enhancing speed and accuracy [31] - Domestic companies like BGI and Tempus are leveraging AI to create closed-loop ecosystems for data analysis and clinical applications [20][21] - The report emphasizes the importance of AI in reducing detection costs and improving personalized treatment options [32] Key Companies and Developments - Tempus AI focuses on integrating AI with clinical diagnostics, utilizing a vast database for drug development and clinical trial optimization [20][21] - BGI is enhancing sequencing efficiency through AI tools and has established a significant presence in over 100 countries [32] - Other notable companies include Shengxiang Biology, Novogene, and Berry Genomics, all of which are advancing their AI capabilities in sequencing and diagnostics [34][35]

公司研究 2025.03.11 TCL 智家（ 0 0 2 6 6 8） 公司点评报告 24Q4 盈利能力提升，24 年海外自主品牌高增 《TCL 智家(002668)：24Q2 业绩超预期，冰洗 表现均优于行业》2024.08.10 《奥马电器(002668)：2024Q1 外销高景气拉 动收入快增，控费效果明显》2024.04.30 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 吴慧迪 | 登记编号：S1220523110002 | | --- | --- | | 陈炯阳 | 登记编号：S1220523040001 | 推 荐 ( 维 持 ) | 公 | 司 | 信 | 息 | | | | --- | --- | --- | --- | --- | --- | | 行业 | | | | | 冰洗 | | 最新收盘价(人民币/元) | | | | | 11.42 | | 总市值(亿)(元) | | | | | 123.81 | | 52 周最高/最低价(元) | | | | 13.76/7.63 | | 历 史 表 现 -12% 4% 20% 36% 52% 68% 24/3/11 24/ ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [12]. Core Insights - The company is actively exploring low-altitude tourism, aligning with national policy directions, and has made significant strides in commercializing low-altitude tourism products [3][4]. - The company is expected to experience substantial profit growth in 2025, with projected net profit reaching approximately 400 million RMB, indicating a high safety margin at the current market valuation of about 25 times earnings [4][6]. - The company has a rich resource base from its controlling shareholder, which supports ongoing asset integration and business expansion [4]. Financial Projections - The company is projected to achieve total revenue of 8.25 billion RMB in 2024, increasing to 11.40 billion RMB in 2025, and 13.13 billion RMB in 2026, reflecting year-on-year growth rates of 14%, 38%, and 15% respectively [5][7]. - The net profit forecast for the same period is 1.74 billion RMB in 2024, 3.96 billion RMB in 2025, and 5.40 billion RMB in 2026, with year-on-year growth rates of 15%, 127%, and 37% respectively [5][6]. - The company's earnings per share (EPS) are expected to rise from 0.14 RMB in 2023 to 0.51 RMB in 2026 [7][9].

公司研究 2025.03.12 新城控股（ 601155） 公司点评报告 提振消费空间打开，商业增速维持强劲——新城控股 2 月经营点评 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 刘清海 登记编号：S1220523090001 联系人 刘张驰 | | | | 公 | 司 | 信 | 息 | | | --- | --- | --- | --- | --- | | 行业 | | | | 商业地产 | | 最新收盘价(人民币/元) | | | | 13.11 | | 总市值(亿)(元) | | | | 295.71 | | 52 周最高/最低价(元) | | | | 16.47/8.05 | 历史表现 -23% -7% 9% 25% 41% 57% 24-3-12 24-6-11 24-9-10 24-12-10 新城控股 沪深300 数据来源：wind 方正证券研究所 相关研究 《新城控股(601155)：销售单价持续提升，商业 收入双位数增长——新城控股 1 月经营点评》 2025.02.14 《新城控股(601155)：销售单价触底企稳，商业 运营持续增长》2025.01.12 《新城控股( ...

公司研究 2025.03.11 老凤祥（ 600612） 公司点评报告 24 年金价持续上涨公司表现承压，25 年降幅已现收窄趋势期待后续拐点 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 周昕 登记编号：S1220524100007 联系人 廖捷 《老凤祥(600612)：24H1 整体表现平稳，毛利 率提升&费用率稳健带动盈利能力改善》 2024.08.30 《老凤祥(600612)：黄金消费景气驱动公司业 绩亮眼增长，渠道有望保持较快扩张步伐》 2024.05.04 《老凤祥(600612)：23 年业绩稳健增长，金价 上 行 推 动 黄 金 消 费 仍 具 较 高 景 气 度 》 2024.03.05 事件：公司发布 24 年业绩快报。 | | | | 公 司 信 | 息 | | | --- | --- | --- | | 行业 | | 钟表珠宝 | | 最新收盘价(人民币/元) | | 51.05 | | 总市值(亿)(元) | | 267.05 | | 52 周最高/最低价(元) | | 86.19/47.10 | 历史表现 -36% -25% -14% -3% 8% 24/3/11 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [2][7][18]. Core Insights - The company plans to acquire 85% of REGEN Biotech for $190 million, aiming for full ownership within 18 months, which will enhance its indirect stake to 70% [3]. - REGEN Biotech is a leading player in regenerative aesthetics in South Korea, known for its PDLLA injection products, with approvals in 34 countries including China [4]. - The acquisition is expected to create a comprehensive regenerative product matrix, alleviating market concerns about the company's product pipeline [5]. - The Korean factory is anticipated to serve as a global expansion platform, leveraging REGEN Biotech's existing market presence in 34 countries [5]. - The acquisition is projected to significantly boost the company's earnings, with an expected annual profit increase of 30 million yuan based on 2023 data [6]. - The report emphasizes that this acquisition will reshape the company's valuation and address concerns regarding its growth trajectory [7]. Financial Projections - The company’s total revenue is projected to grow from 2,869 million yuan in 2023 to 4,106 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 18.6% [11][14]. - The net profit attributable to the parent company is expected to rise from 1,858 million yuan in 2023 to 2,730 million yuan in 2026, with a CAGR of about 18.68% [11][14]. - The earnings per share (EPS) is forecasted to increase from 8.60 yuan in 2023 to 9.02 yuan in 2026 [11][14]. - The price-to-earnings (PE) ratio is expected to decrease from 34.22 in 2023 to 22.28 in 2026, indicating a potential valuation re-rating [11][14].